Wealth taxation and EU Tax Observatory report on global tax evasion

Motion Text

That this House welcomes the EU Tax Observatory inaugural report on global tax evasion; notes that the report indicates that the richest people in the world are operating on the edge of legality to evade paying tax; expresses concern at the findings of the report that the very richest use shell companies and other measures to reduce their tax burden to between 0% and 0.6%; further notes that real estate in expensive cities such as London provides a vehicle for the very wealthy to avoid paying tax; notes that the report calls on the 3,000 richest people in the world, with combined assets of $13 trillion, to be taxed at a rate of 2% of their total wealth; estimates that such a measure would raise £205 billion annually; and joins calls for the G20 Summit in Brazil in November 2024 to begin efforts to introduce a global wealth tax on the very richest people.